Filed by sedaredgar.com - Passport Capital, LLC

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QMhRO262A4o52re+dwyf3U1b2mE6dLhjBEB5eZSmn8GAkE8BoZVZctPoiw41/vVb HK1wzzuoqs4avNl0+K0BCw== 0001062993-10-000467.txt : 20100216 0001062993-10-000467.hdr.sgml : 20100215 20100216152842 ACCESSION NUMBER: 0001062993-10-000467 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100216 DATE AS OF CHANGE: 20100216 GROUP MEMBERS: BLACKWELL PARTNERS, LLC GROUP MEMBERS: JOHN BURBANK GROUP MEMBERS: PASSPORT AGRICULTURE MASTER FUND SPC LTD. FOBO PORTFOLIO A GROUP MEMBERS: PASSPORT CAPITAL, LLC GROUP MEMBERS: PASSPORT PLUS, LLC GROUP MEMBERS: PASSPORT SPECIAL OPPORTUNITIES MASTER FUND, LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: IMPERIAL SUGAR CO /NEW/ CENTRAL INDEX KEY: 0000831327 STANDARD INDUSTRIAL CLASSIFICATION: SUGAR & CONFECTIONERY PRODUCTS [2060] IRS NUMBER: 740704500 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-39663 FILM NUMBER: 10607115 BUSINESS ADDRESS: STREET 1: ONE IMPERIAL SQ STE 200 STREET 2: P O BOX 9 CITY: SUGAR LAND STATE: TX ZIP: 77487 BUSINESS PHONE: 2814919181 FORMER COMPANY: FORMER CONFORMED NAME: IMPERIAL HOLLY CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: IMPERIAL SUGAR CO /TX/ DATE OF NAME CHANGE: 19880606 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PASSPORT MANAGEMENT LLC CENTRAL INDEX KEY: 0001228958 IRS NUMBER: 412076095 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: C/O PASSPORT MANAGEMENT, LLC STREET 2: 30 HOTALING PLACE, STE. 300 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: (415) 321-4607 MAIL ADDRESS: STREET 1: C/O PASSPORT MANAGEMENT, LLC STREET 2: 30 HOTALING PLACE, STE. 300 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: PASSPORT HOLDINGS LLC DATE OF NAME CHANGE: 20030424 SC 13G 1 sched13g-imperial.htm SCHEDULE 13G Filed by sedaredgar.com - Passport Capital, LLC - Schedule 13G

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. __)

Imperial Sugar Company
(Name of Issuer)

Common Shares
(Title of Class of Securities)

453096208
(CUSIP Number)

December 31, 2009
(Date of Event Which Requires Filing of This Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 453096208

1. Name of Reporting Person:

Passport Special Opportunities Master Fund, LP

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: British Virgin Islands

	5. Sole Voting Power: -0-
Number of
shares
beneficially	6. Shared Voting Power: 250,000 (see Item 4)
owned by
each
reporting	7. Sole Dispositive Power: -0-
person
with:
	8. Shared Dispositive Power: 250,000 (see Item 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

250,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 2.1% ^*

12. Type of Reporting Person: PN

________________________________

*	This percentage is based on the 12,037,849 Shares issued and outstanding as reported in the Company’s form 10-Q filed November 30, 2009.

CUSIP No. 453096208

1. Name of Reporting Person:

Passport Agriculture Master Fund SPC Ltd. fobo Portfolio A

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: British Virgin Islands

	5. Sole Voting Power: -0-
Number of
shares
beneficially	6. Shared Voting Power: 420,000 (see Item 4)
owned by
each
reporting	7. Sole Dispositive Power: -0-
person
with:
	8. Shared Dispositive Power: 420,000 (see Item 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

420,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 3.5% ^*

12. Type of Reporting Person: CO

________________________________

*	This percentage is based on the 12,037,849 Shares issued and outstanding as reported in the Company’s form 10-Q filed November 30, 2009.

CUSIP No. 453096208

1. Name of Reporting Person:

Blackwell Partners, LLC

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Delaware

	5. Sole Voting Power: -0-
Number of
shares
beneficially	6. Shared Voting Power: 140,000 (see Item 4)
owned by
each
reporting	7. Sole Dispositive Power: -0-
person
with:
	8. Shared Dispositive Power: 140,000 (see Item 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

140,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 1.2% ^*

12. Type of Reporting Person: OO

________________________________

*	This percentage is based on the 12,037,849 Shares issued and outstanding as reported in the Company’s form 10-Q filed November 30, 2009.

CUSIP No. 453096208

1. Name of Reporting Person:

Passport Plus, LLC

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Delaware

	5. Sole Voting Power: -0-
Number of
shares
beneficially	6. Shared Voting Power: 250,000 (see Item 4)
owned by
each
reporting	7. Sole Dispositive Power: -0-
person
with:
	8. Shared Dispositive Power: 250,000 (see Item 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

250,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 2.1% ^*

12. Type of Reporting Person: OO

________________________________

*	This percentage is based on the 12,037,849 Shares issued and outstanding as reported in the Company’s form 10-Q filed November 30, 2009.

CUSIP No. 453096208

1. Name of Reporting Person:

Passport Management, LLC

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Delaware

	5. Sole Voting Power: -0-
Number of
shares
beneficially	6. Shared Voting Power: 810,000 (see Item 4)
owned by
each
reporting	7. Sole Dispositive Power: -0-
person
with:
	8. Shared Dispositive Power: 810,000 (see Item 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

810,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 6.7% ^*

12. Type of Reporting Person: IA

________________________________

*	This percentage is based on the 12,037,849 Shares issued and outstanding as reported in the Company’s form 10-Q filed November 30, 2009.

CUSIP No. 453096208

1. Name of Reporting Person:

Passport Capital, LLC

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: Delaware

	5. Sole Voting Power: -0-
Number of
shares
beneficially	6. Shared Voting Power: 810,000 (see Item 4)
owned by
each
reporting	7. Sole Dispositive Power: -0-
person
with:
	8. Shared Dispositive Power: 810,000 (see Item 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

810,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 6.7% ^*

12. Type of Reporting Person: IA

________________________________

*	This percentage is based on the 12,037,849 Shares issued and outstanding as reported in the Company’s form 10-Q filed November 30, 2009.

CUSIP No. 453096208

1. Name of Reporting Person:

John Burbank

2. Check the Appropriate Box if a Member of a Group:

(a) / /

(b) /X/

3. SEC Use Only

4. Citizenship or Place of Organization: United States

	5. Sole Voting Power: -0-
Number of
shares
beneficially	6. Shared Voting Power: 810,000 (see Item 4)
owned by
each
reporting	7. Sole Dispositive Power: -0-
person
with:
	8. Shared Dispositive Power: 810,000 (see Item 4)

9. Aggregate Amount Beneficially Owned by Each Reporting Person:

810,000

10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

/ /

11. Percent of Class Represented by Amount in Row (9): 6.7% ^*

12. Type of Reporting Person: IN

________________________________

*	This percentage is based on the 12,037,849 Shares issued and outstanding as reported in the Company’s form 10-Q filed November 30, 2009.

Item 1(a).	Name of Issuer:

	Imperial Sugar Company (the “Company”).

Item 1(b).	Address of Issuer’s Principal Executive Offices:

	8016 HIGHWAY 90-A
	P.O. BOX 9
	SUGAR LAND, TX 77487
	281-491-9181

Item 2(a).	Name of Persons Filing:

	Passport Special Opportunities Master Fund, LP (“the Fund I”);
	Passport Agriculture Master Fund SPC, Ltd. fobo Portfolio A (“Fund II”);
	Blackwell Partners, LLC (“theAccount”);
	Passport Plus, LLC (“Passport Plus”);
	Passport Management, LLC (“Passport Management”);
	Passport Capital, LLC (“Passport Capital”); and
	John Burbank (“Burbank”, together with Fund I, Fund II, the Account, Passport Management, and Passport Capital, the Reporting Persons).

	Burbank is the sole managing member of Passport Capital; Passport Capital is the sole managing member of Passport Management. Passport Plus is the general partner of Fund I. Passport Management is the investment manager to Fund I, Fund II and the Account. As a result, each of Passport Management, Passport Capital, Passport Plus and Burbank may be considered to share the power to vote or direct the vote of, and the power to dispose or direct the disposition of, the Shares owned of record by Fund I, Fund II and the Account. This statement on Schedule 13G shall not be construed as an admission that any of the Reporting Persons (other than the Fund I, Fund II and the Account) is the beneficial owner of the securities covered by this statement.

Item 2(b).	Address of Principal Business Office:

	For each Reporting Person:

	C/O PASSPORT MANAGEMENT
	30 HOTALING PLACE SUITE 300
	SAN FRANCISCO, CA 94111

Item 2(c).	Citizenship:

	See row 4 of each Reporting Persons’ respective cover page.

Item 2(d).	Title of Class of Securities:

	Common Shares of the Company (the “Common Shares”)

Item 2(e).	CUSIP Number:

	453096208

Item 3.	Not applicable.

Item 4.	Ownership.

	(a)	Amount beneficially owned:

		See Item 9 of each Reporting Persons’ respective cover page.

	(b)	Percent of class:

		See Item 11 of each Reporting Persons’ respective cover page.

	(c)	Number of shares for which each Reporting Person has sole or shared voting on disposition:

		See Items 5-8 of each Reporting Persons’ respective cover page.

Item 5.	Ownership of Five Percent or Less of a Class.

	If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

Item 6.	Ownership of More than Five Percent on Behalf of Another Person.

	Not Applicable.

Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported By the Parent Holding Company.

	Not Applicable.

Item 8.	Identification and Classification of Members of the Group.

	Not Applicable.

Item 9.	Notice of Dissolution of a Group.

	Not Applicable.

Item 10.	Certification.

	By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 12, 2010

PASSPORT SPECIAL OPPORTUNITIES MASTER FUND I, LP

By: PASSPORT PLUS, LLC,
as General Partner

By: PASSPORT CAPITAL, LLC,
as Managing Member

By: /s/ JOHN BURBANK
John Burbank
Managing Member

PASSPORT AGRICULTURE MASTER FUND SPC, LTD FOBO PORTFOLIO A

By: /s/ JOHN BURBANK
John Burbank,
Director

BLACKWELL PARTNERS, LLC

By: PASSPORT CAPITAL, LLC,
as Investment Advisor

By: /s/ JOHN BURBANK
John Burbank
Managing Member

PASSPORT MANAGEMENT, LLC

By: PASSPORT CAPITAL, LLC,
as Managing Member

By: /s/ JOHN BURBANK
John Burbank,
Managing Member

PASSPORT CAPITAL, LLC

By: /s/ JOHN BURBANK
John Burbank,
Managing Member

/s/ JOHN BURBANK
John Burbank

Exhibit 1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them the statement on Schedule 13G to which this agreement is attached as an exhibit.

The undersigned further agree that each party hereto is responsible for the timely filing of such Schedule 13G and any amendments thereto, and for the completeness and accuracy of the information concerning such party contained therein; provided, however, that no party is responsible for the completeness or accuracy of the information concerning any other party making the filing, unless such party knows or has reason to believe that such information is inaccurate.

IN WITNESS WHEREOF, the parties have executed this Joint Filing Agreement on February 12, 2010.

PASSPORT SPECIAL OPPORTUNITIES MASTER FUND I, LP

By: PASSPORT PLUS, LLC,
as General Partner

By: PASSPORT CAPITAL, LLC,
as Managing Member

By: /s/ JOHN BURBANK
John Burbank
Managing Member

PASSPORT AGRICULTURE MASTER FUND SPC, LTD FOBO PORTFOLIO A

By: /s/ JOHN BURBANK
John Burbank,
Director

BLACKWELL PARTNERS, LLC

By: PASSPORT CAPITAL, LLC,
as Investment Advisor

By: /s/ JOHN BURBANK
John Burbank
Managing Member

PASSPORT MANAGEMENT, LLC

By: PASSPORT CAPITAL, LLC,
as Managing Member

By: /s/ JOHN BURBANK
John Burbank,
Managing Member

PASSPORT CAPITAL, LLC

By: /s/ JOHN BURBANK
John Burbank,
Managing Member

/s/ JOHN BURBANK
John Burbank

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